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The top cryptocurrency exchanges of the world are making millions of US dollars every day from trading fees and other commissions, according to estimates by Bloomberg. Using data from Coinmarketcap and publicly available information, the news agency calculated that Binance and Upbit top the list, each generating over $3 million in fees every single day. The seven largest crypto trading platforms are all headquartered in Asia.

If we do the math, crypto investors pay over $1 billion each year in trading fees. Note that the evaluations are only approximate since we don’t know the discounts for active investors who trade high volumes. Nevertheless, the figures demonstrate that cryptocurrency exchanges are reaping huge benefits from the crypto market boom.

Here is Bloomberg’s list of exchanges with the highest revenue from fees:

https://www.bloomberg.com/news/articles/2018-03-06/exchanges-make-millions-a-day-off-crypto-fees

D.A. Davidson & Co stock analyst Gil Luria, who examined Bloomberg’s methodology, commented as follows:

“The exchanges and transaction processors are the biggest winners in the space because they’re allowing people to transact and participate in this burgeoning sector. There’s a big business there and it would not surprise me if they’re making hundreds of millions of dollars in revenue and possibly even billions a year.”

Binance is generating the highest revenues based on its 0.2% fees. The Tokyo-based exchange is also responsible for the largest trading volume, which can reach $1.7 billion per day.

Viewed by trading volume, Hong Kong-based OKEx is in the same league as Binance, handling about $1.5 billion daily. However, when it comes to revenues from fees, OKEx is listed in the sixth position since its active traders are charged only 0.07%.

The next exchange services by trading volume are Huobi, Bitfinex, Upbit, and Bithumb, whose fees amount to 0.3% on average. The four companies handle from $650 million to $1.2 billion, according to the latest data from Coinmarketcap.

Interestingly, all six exchanges mentioned are based in Asia, with Binance being the most successful one. At one point, a routine maintenance procedure caused anxiety among investors, but the situation was quickly remediated.

Chris Slaughter, co-founder of Samsa, explained that Binance’s success is based on its hassle-free customer acceptance.

“They don’t make users go through the know-your-customer process until withdrawal. It’s a complicated process. You can lose customers in the two or four hours that it takes. In Binance, you can go from not having an account to having funds on an account in less than 20 minutes,” he said.